The Company operates as a professional football club, currently competing in Sky Bet League One of the EFL (English Football League), and in the Sky Bet Championship Division during the year to which this report refers. The principal activity of the Company continues to be the operation of a professional football club, together with associated activities.

Introduction

2024/25 was a disappointing year on the pitch as our men’s first team suffered relegation from the Championship after two seasons. That outcome was particularly disappointing as it was the first season in several years in which we failed to get results that were significantly better than were implied by our football budget. Our strategy has been based on outsmarting our opponents, not outspending them, and in 2024/25 we failed.

We also continued to fail to find stability in our head coach role, having had two more head coaches in-season (Wayne Rooney and Miron Muslic) before appointing Tom Cleverley post-season. We believe we have now found a manager who will benefit from the longer-term and forward-thinking culture we seek.

During the financial year, the Club benefited from the compensation paid to us by Schalke as a result of Miron Muslic’s decision to leave us on 30th May 2025. On the other hand, compensation was paid to Wayne Rooney upon the termination of his contract on 31 December 2024.

Our women’s team became separately constituted with its own Board as a subsidiary of PAFC on 15 June 2024, and successfully staved off the threat of relegation, under the temporary stewardship of James Bradley. James has now returned to coaching in our Academy, and Marie Hourihan has taken on the role of Head Coach. Marie, like Tom Cleverley in the men’s team, has experience at the highest levels of club and international football. Early signs are that she has been a positive force for good in the women’s club, with the team starting the season in impressive fashion.

We had two changes of first team head coach and there was accompanying turnover in coaching staff. Away from the pitch we parted company with Neil Dewsnip, who had worked with us successfully since Ryan Lowe came to us in 2019. We thank Neil for all he has done over the years. We also lost two other key members of our football staff in Jimmy Dickinson, Head of Recruitment, and Ross Goodwin, Head of Football Data. They were key components of our successfully outsmarting the competition, we wish them both well.

Away from football and football operations, we also had levels of staff turnover that were unusual for us. In particular, we said goodbye to David Ray, our Head of Finance, who was recruited by Bolton Wanderers to be their CEO. David leaves with our best wishes and thanks for his contribution to the Club.

Despite this, we continued to be recognised for being a well run club. Among other awards, we received the EFL Together Code of Practice Silver award, the EFL Family Excellence Gold Award, and appropriately, the EFL Green Club Gold Award for our efforts to reduce our carbon footprint.

In September 2025, our CEO, Andrew Parkinson decided to move on. Andrew has been with us for almost as long as I have been Chairman, was responsible for execution of our long-term strategy and has enabled the club to be so successful both on the pitch and off. Board members, shareholders and fans are all grateful to him for his contribution to the club.

Football performance

The performance of our first team was disappointing compared with expectations and, indeed, compared with our budget of approximately £18m. We will learn lessons from the experience and those lessons should serve us well when we again achieve promotion.

We continued to develop our player trading model and, despite some failures, were able to generate good returns from sales of Morgan Whittaker and Lewis Gibson. We also had a significant sale of Academy graduate, Michael Cooper. Other transfers at lower levels of revenue included those of Dan Scarr, Adam Randell and Ryan Hardie. All were terrific servants to the club who will be long-remembered for their contributions both on the field and off.

Despite ending the season with relegation, the season was not without highlights. The men’s team run to the 5th round of the FA Cup including wins against two Premier League teams, away against Brentford, and at home against Liverpool. Our cup performances helped revenues in the year, but more importantly, provided days that fans will never forget.

Financial Performance

We remain committed to transparency in our financial activities, and in this report we aim to set out clearly our financial position. Since the end of the financial year, we have held a forum for fans at which we presented full details of where cash has come from and to where it has been directed over the last three years, as well as explaining our strategy to expand our revenue base to create a stronger and more diversified base to support our football squads. That presentation is available on our website, and on our YouTube channel.

The Club is reporting a profit for the financial year of just under £0.5m This profit is the result of success in player trading, which overcame significant costs of competing in the Championship. Operationally, our cash flows have reduced due to the significant investment in the club during the year, supported by record revenues, player sales and Director investments. We continue to invest in assets, both in strategic player acquisitions and in infrastructure developments.

Our financial position remains strong, with a cash balance of £2.7m at the year-end, although this balance includes season ticket income for the upcoming season. It is normal in the football industry for cash levels to be high at the start of the season, after media payments and season ticket cash are received, and for it to be drawn down over the course of the next 12 months. In our case, cash is much lower this year, because last year’s abnormally high levels were earmarked for investment in, above all, the Brickfields/Foulston Park project.

Our recently undertaken strategy of investing in players and generating revenues from player sales has had a significant impact on our reported accounts. Player trading is considered part of the operating activities of the club, so trading surpluses or losses appear in the profit and loss accounts.

Cash flows from player sales and cash flows out from player transfers in seldom match reported income. In the Statement of Cash Flows on page 18 you can see that there are three large amounts under “investing activities”:

1. Purchase of intangible assets, £5.7m out, largely refers to players brought into the club. From an accounting point of view, when we transfer a player in, we acquire his contract and write that contract off over the contract period as an annual expense (“amortisation”).

2. Proceeds from disposal of intangibles were £7.9m: this refers to cash that will be received from selling player contracts.

3. Purchase of tangible fixed assets of £5.0m refers to the infrastructure investments described throughout this report, which mainly consists of the investment in the Foulston Park project, as well as LED boards, pitch, fan zone and gantry.

Overall, we invested a net amount of £7.6m during the year, financed by drawing down the cash balances at the end of June 2024, and from a loan of £2.7m.

In a change from previous financial strategy, the club is increasingly reliant on debt from some of the shareholders, including Simon Hallett, to finance the continuing infrastructure investment. The Club began to draw down funds under the terms of a loan agreement that will allow it to borrow up to £12.5m on very favourable terms, incurring an interest rate of just 2%.

Revenues were at record levels, at £28.8m, before the impact of player trading. It has been part of our financial strategy to broaden and diversify our revenue streams.

Contributors were:

• Average league attendances at Home Park of 16,537. We believe that this is the highest average level of attendance since the late 1950s and validates our strategy of investing in the fan experience. We welcome all members of the Green Army, both old and new, and thank you for the level of support, which has continued into the current season, despite the disappointment of relegation;

• Sky Bet Championship status and associated income streams;

• Cup runs in EFL Cup, and, above all the FA Cup;

• Record income from Hospitality, with match days sold out and demand strong for our conferencing and banqueting facilities. This year we have a contribution from the Far Post facility, previously bought from the Green Taverners;

• Operation of Harpers Football Centre;

• Record sales at the Argyle Superstore – including record demand for our replica shirts;

• Season ticket renewals at exceptionally high rates.

Detracting from growth in revenue was total revenue from ticket sales and the lack of significant income from post season concerts. The former reflects growth in demand from members of the Green Army taking advantage of concessionary pricing for younger fans, while the latter reflects our inability to attract a major act to Home Park of the scale of Take That, who performed in 2024.

Operating income is up from £1.1m last year to £8.9m, due mainly to profit on sale of players during the year, including Lewis Gibson, Morgan Whittaker and Michael Cooper.

These increased revenues helped the Club to continue to invest in its day-to-day operations - including in player wages - as well as helping fund investment in infrastructure and the playing squad.

After the end of the financial reporting period, we sold players, including Maxi Talovierov and Rami Al Hajj, for transfer fees, which will be reflected in next year’s report. Successful player trading is an important component of our financial strategy to operate on a sustainable basis without the need for shareholders to fund operating losses. Additionally, player amortisation costs impacted the profit and loss, reflecting our ongoing investments in squad development.

Capital Investment

It remains a key part of the club’s financial strategy that we seek to achieve the twin aims of financial sustainability and a well-funded football operation through investing in infrastructure and other projects that increase the club’s revenue base for years in the future. In recent years, we have:

• bought a five a side operation, now called Harpers;

• invested in the Green Taverners’ building; which was renamed to The Far Post in September 2024;

• bought land around the stadium to create a popular fan zone;

• laid a new pitch that enables large post season concerts.

In the year under review, we have:

• built a new pitch at Harpers;

• installed new digital sign boards at Home Park;

• refurbished the kitchens at Home Park, Harpers and The Far Post (formerly the Green Taverner’s building);

• started investments in the TV gantry and Fan Zones.

On top of all that, we invested considerable sums in the playing squad, through investing in the transfer market. That policy of investing in young players who we think will increase in value while with us is relatively new to us but has already produced good results.

The biggest investment under way is that in Foulston Park, where the club will eventually have a permanent home for both our Academy and our Women’s teams. That project is now well advanced, and the part of the project that has been undertaken by our Community Trust – the community hub — is now fully operational.

The club has received additional funding to expand and improve its facilities but is not yet sustainable. Losses, as well as the considerable investment we have made in infrastructure and in the playing squad, have been financed by shareholders. If we are to continue this strategy and bring to fruition some of the projects we would like to, we will require new investors to bring in the capital required.

Those projects are again ones that will provide facilities for our fans and for our footballers. We would like to expand capacity at Home Park and we would like to build a Championship quality training centre for our first team. At the moment, they have two excellent grass pitches at Harpers Park, but we believe that better facilities will enable us to attract players of the quality we will require.

Principal Risks and Uncertainties

The principal risk to the Group is the team’s performance, which directly affects core revenue streams such as matchday income, commercial sponsorship, and media rights. To mitigate this risk, we have continued to diversify our revenue base, reducing dependence on matchday performance. A key example is the acquisition of Harpers Football Centre in December 2022, which has added a new revenue stream through its use as a multi-purpose facility, accommodating corporate events, local leagues, and community programmes. This acquisition reflects our strategy of securing off-pitch income sources that provide financial stability even during periods of on-pitch volatility.

We also continue to invest in data-driven recruitment strategies that align with our player trading model. This approach, which focuses on identifying and developing talent for future resale, allows us to maintain a competitive playing squad without overextending financially. In tandem, our long-term capital investments, such as the development of our new academy at Brickfields, serve to strengthen the Club’s operations.

In the broader economic context, inflationary pressures on wages and operational costs remain a concern. We manage these risks by maintaining close control over operating expenses, securing long-term contracts with suppliers, actively pursuing new revenue streams from non-football events and commercial partnerships, and closely managing our cash flow and liquidity to ensure ongoing financial stability.

Financial risk management

Trade debtors are monitored closely to minimise the risk of bad debts and amounts due from other clubs are covered by specific football creditor rules that help reduce these risks. Management maintains a risk register, which is regularly reviewed by the Board. Appropriate mitigations and actions are put in place accordingly to address identified risks and uncertainties.

In the broader economic context, inflationary pressures on wages and operational costs remain a concern. We manage these risks by maintaining close control over operating expenses, securing long-term contracts with suppliers, actively pursuing new revenue streams from non-football events and commercial partnerships, and closely managing our cash flow and liquidity to ensure ongoing financial stability.

The Board is committed to acting fairly between the Company’s shareholders. We ensure that all shareholders are kept fully informed through regular updates and open communication channels, allowing them to engage meaningfully with the Club’s strategic direction and decision-making processes.

Under section 172(1) of the Companies Act 2006, the Board has a duty to act in good faith and in a way that would be most likely to promote the success of the Company for the benefit of its shareholders, whilst having regard to matters set out in S172(1) (a-f) of the Act:

a) the likely long-term consequences of decisions which is considered as part of our new strategy and mission statement discussed in the review of the business above;

b) the interest of the company’s employees which is considered in the employee involvement section;

c) the need to foster the company’s business relationships with suppliers, customers and others which is considered in the relevant section of the directors’ report;

d) the impact of the company’s operations on the community and the environment which is considered in the directors’ report;

e) the desirability of the company maintaining a reputation for high standards of business and conduct as considered in the directors’ report; and

f) the need to act fairly as between the company’s owners is considered in the financial risk management section of the strategic report.

To discharge their section 172(1) duties, the Board had regard to the factors set out above, together with the club's values, in making the principal decisions taken by the company.

On behalf of the board

The directors present their annual report and financial statements for the year ended 30 June 2025.

The results for the year are set out on page 14.

No ordinary dividends were paid (2024: £nil). The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of approval of the financial statements.

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

The Club places considerable value on engagement with its employees and strives to maintain an inclusive and supportive working environment for all. We are committed to providing equal opportunities and ensuring that all employees are treated fairly and with respect.

In relation to disabled employees, the Club takes active measures to support individuals with disabilities and to provide reasonable accommodations. We ensure that candidates with disabilities are given full and fair consideration during recruitment processes, and existing employees who may become disabled during their employment are supported with suitable adjustments to continue their roles effectively. Additionally, training and awareness programs are provided to managers and colleagues to promote an inclusive culture and eliminate any barriers to participation or career progression.

The Club is committed to inclusion and works to eliminate discrimination, so that employees can work in a diverse environment free from intimidation, victimisation or harassment.

Engagement with the Group’s stakeholders is a key component of Club operations. This is achieved by:

• Suppliers - Engaging closely with suppliers via a detailed and transparent tender process, pre-start meetings and monthly progress meetings, using fair contract terms, paying promptly and providing safe working conditions. Using local suppliers where possible, whose values align with our own.

• Fans - Satisfying our fans and supporters is a top priority. Our relationship with them is both open and welcoming.

• Communities - We are committed to serving the community in which we live and work, and intend Plymouth Argyle to be a good representative for Plymouth and the wider South West.

The Club is committed to upholding high standards of integrity, transparency, and ethical conduct in all aspects of our operations. We have established strong governance frameworks to ensure that all decisions and activities align with our values and long-term strategy.

Since the Balance Sheet date, various players have been signed and sold.

Plymouth Argyle Football Club has acquired a number of player registrations, extended a number of player registrations and disposed of a number of player registrations at a net loss of £139,536. These transactions will be accounted for in the year ending 30 June 2026.

Since the Balance Sheet date Greystones Park Venture LLC, a shareholder of the company, provided a loan of £13,231, as disclosed in note 27.

Since the Balance Sheet date Mr S Hallett provided loans to the company of £9,808,539, as disclosed in note 28.

Disclosure of future developments in the group's business is provided in the Strategic Report.

In accordance with the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 we disclose our UK energy and Greenhouse Gas emissions.

UK GHG Emissions & Energy consumption - Financial year ending 30 June 2025

Methodology

Greenhouse gas emissions are reported in gross tonnes CO2e in line with the requirements of large unquoted

companies set out in the UK Government’s Environmental Reporting Guidelines (March 2019 version) and use the

UK Government GHG (Green House Gas) Conversion Factors for Company Reporting (2025 version 1.0). The

operational control approach for the company’s UK activities has been applied and is guided by the GHG Protocol –

Corporate Standard (revised edition). Gross calorific values have been applied to conversion of net values of

vehicle fuel. Emissions from electricity are location based and report grid supplied electricity (Scope 2 only).

Transport emissions relating to owned vehicles (Scope 1) and where employees have used their own vehicle for

business purposes (Scope 3) have been combined. It has been assumed that all fuel bought in this 1-year period

was consumed within the 1-year period.

Energy efficiency action within the reporting year

The following actions have been taken during the financial year ended 30 June 2025:

· Continued solar generation on the stadium, which has generated 165,300 kWh of energy within the reporting period, offsetting approximately 29.3 tCO2e within the reporting period.

· Introduction of an energy procurement strategy prioritising the purchase of Zero-carbon and renewable electricity contracts across all sites.

· The move towards 'only necessary' scope 3 travel as stated in the 2024 Directors' Report has seen a 35% reduction within scope 3 business travel emissions, saving nearly 20 tCO2e.

· Though the organisation has grown in personnel and turnover in the past year, emissions per the intensity metrics of: tCO2/employee and tCO2/£M turnover, have reduced by 27% and 23% respectively, outlining the club’s commitments to sustainability dedication to lowering emissions.

· A reduction in travel has also aided in the reduction of scope 1 emissions under mobile combustion for company owned vehicles, lowering the specified area by 36%.

· While total consumption of energy and gas have increased during the 2024-25 season, due to a minor reduction year-on-year in the location-based conversion factor for Scope 2 Purchased electricity, the subsequent emissions for Gas/Elec usage have only increased by 0.5 tCO2e.

The club remains committed to halving our emissions by 2030, with a long-term target of achieving net zero by 2050. We are signatories to the Network Net Zero Community, which is aligned to the United Nations' Race to Zero initiative.

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

• so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

• the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

In accordance with the company's articles, a resolution proposing that Azets be reappointed as auditor of the company will be put at a General Meeting.

These financial statements are prepared in accordance with the Going Concern basis. The Directors assess going concern on a group basis. The Directors have a reasonable expectation that the Plymouth Argyle group of companies, including Plymouth Argyle Football Club Limited, will continue to fulfil its obligations and operate as a going concern for the foreseeable future. This being at least 12 months from the date of approval of these Financial Statements.

In assessing the appropriateness of the going concern assumption, the Directors have produced detailed cash flow forecasts, covering multiple scenarios in relation to income and expenditure, which extend to no less than 12 months from the date of approval of these financial statements.

The Group is dependent on the support of its shareholders and have received a letter of support from Mr Hallett expressing his intention to continue to provide such support, in the form of non-recalling of existing loans and further funding as required by the Group to ensure the Group continues to meet its liabilities as they fall due. £9.8m of shareholder loans have been drawn down since the year end.

In light of this financial support, and the Board’s own considerations with regard to the availability of such support, the Directors have not identified a material uncertainty that may cast significant doubt over the Group’s ability to continue as a going concern for the foreseeable future.

Therefore, the Directors have concluded that the Group and Company are a going concern and they can adopt the going concern basis in preparing these financial statements.

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Plymouth Argyle Football Club Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the group statement of comprehensive income, the group balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2025 and of the group's profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the group and parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the group and the parent company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group and parent company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

• Reviewing minutes of meetings of those charged with governance;

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection; 

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

The notes on pages 20 to 39 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £461,028 (2024 - £2,422,020 loss).

The notes on pages 20 to 39 form part of these financial statements.

The notes on pages 20 to 39 form part of these financial statements.

The notes on pages 20 to 39 form part of these financial statements.

Plymouth Argyle Football Club Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Home Park, Plymouth, Devon, United Kingdom, PL2 3DQ.

The group consists of Plymouth Argyle Football Club Limited and its subsidiary.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The consolidated group financial statements consist of the financial statements of the parent company Plymouth Argyle Football Club Limited together with all entities controlled by the parent company (its subsidiaries, see note 13).

All financial statements are made up to 30 June 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

These financial statements are prepared in accordance with the Going Concern basis. The Directors assess going concern on a group basis. The Directors have a reasonable expectation that the Plymouth Argyle group of companies, including Plymouth Argyle Football Club Limited, will continue to fulfil its obligations and operate as a going concern for the foreseeable future. This being at least 12 months from the date of approval of these Financial Statements.

In assessing the appropriateness of the going concern assumption, the Directors have produced detailed cash flow forecasts, covering multiple scenarios in relation to income and expenditure, which extend to no less than 12 months from the date of approval of these financial statements.

The Group is dependent on the support of its shareholders and have received a letter of support from Mr Hallett expressing his intention to continue to provide such support, in the form of non-recalling of existing loans and further funding as required by the Group to ensure the Group continues to meet its liabilities as they fall due. £9.8m of shareholder loans have been drawn down since the year end.

In light of this financial support, and the Board’s own considerations with regard to the availability of such support, the Directors have not identified a material uncertainty that may cast significant doubt over the Group’s ability to continue as a going concern for the foreseeable future.

Therefore, the Directors have concluded that the Group and Company are a going concern and they can adopt the going concern basis in preparing these financial statements.

Season tickets and seasonal hospitality income is recognised over the season to which they relate and released over the home matches played.

Sponsorship and advertising income is recognised over the duration of the contract. Dependent on the terms of the contract this can be spread on a match to match or straight-line basis.

Central distributions from the Football Association and English Football League are recognised in the profit or loss in the relevant financial period for the season to which the income relates.

Gate receipts and match day hospitality receipts are recognised at the relevant match date.

Conference and event income is recognised on the date of the event.

Retail and food and beverage income is recognised at the point of sale.

Interest income is recognised in profit or loss using the effective interest method.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold land and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises purchase cost on a first in, first out basis.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

The Group is a member of a multi-employer plan. It is not possible to identify the Group's share of the underlying assets and liabilities of the scheme and it is therefore accounted for as if it were a defined contribution scheme. The assets of the scheme are held separately from those of the group, being invested with an insurance company. Contributions to the scheme are based on the actuarial advice, and charged to profit or loss as they become payable. The group continues to make contributions in respect of its share of the deficit of the defined benefit section of the Football League Limited Pension and Life Assurance Scheme. As one of the participating employers the group is advised only of its share of the scheme deficit and recognises a liability in respect of this.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The assessment of the useful economic life and residual value of the Group's intangible assets involves an element of judgement based on historical experience with similar assets as well as anticipation of future events which may impact their useful life. The Group undertakes a review of the remaining useful lives of assets each year and will reduce the remaining useful lives, or impair where necessary. The Group also assesses goodwill and intangibles for impairment.

All turnover arose in the United Kingdom.

Other operating income of £8,871,293 (2024: £1,102,735) includes gains/(loss) on disposals of players and insurance.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

The actual (credit)/charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

At the balance sheet date the company had unused tax losses of £18,859,650 (2024: £11,867,390).

At the balance sheet date the company had a total deferred tax asset not recognised of £4,650,530 (2024: £2,726,404) in respect of unused losses.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Details of the company's subsidiaries at 30 June 2025 and 30 June 2024 are as follows:

The Group has agreed to exempt Plymouth Argyle Women's Football Club Limited (Company number 15780308) from the provisions of the Companies Act relating to the audit of indivudual accounts by virtue of section 479A.

On the date of approval of and signing of the consolidated financial statements, the outstanding liabilities at the balance sheet date, 30 June 2025, of Plymouth Argyle Women's Football Club Limited were guaranteed by the parent undertaking Plymouth Argyle Football Club Ltd (registered number 07796376) pursuant to s479A to s479C of the Companies Act.

Plymouth Argyle Women’s Football Club Limited was incorporated on the 15 June 2024. The results are included in the group consolidated financial statements.

Trade debtors falling due after more than one year relate to player transfer fees that are due more than one year.

The Council of the City of Plymouth holds a charge over the land adjoining Home Park, Plymouth.

The other amounts payable after one year is £98,256 (2024: £72,969) relating to the pension loan deficit for the club's defined benefit scheme, which is no longer running. Interest is charged in relation to unwinding the discount rate.

The loans from related parties is a loan advanced from a director during the year. Interest accrues at 2% per annum, payable in arrears. The loan is due for repayment in 2035.

The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £122,475 (2024: £93,982). Contributions totalling £2,515 (2024: £33,831) were payable to the fund at the reporting date and are included in creditors.

The group is also a member of the multi-employer Football League Limited Pension and Life Assurance defined benefit scheme. It is not possible to identify its share of the assets and liabilities, and therefore to allocate any actuarial surplus or deficit on a consistent basis; consequently contributions are expensed in profit or loss as they become payable. The assets of the scheme are held separately from those of the group in an independently administered fund. A liability of £98,256 (2024: £72,969) was payable at the reporting period date and is included in creditors.

The company has two classes of ordinary shares, each class has full rights in the Company with respect to voting, dividends and distributions.

The terms of certain contracts with other football clubs in respect of the transfers of players’ registrations include the payment of certain amounts upon fulfilment of the condition of promotion to the English Premier League amounts to £671,000 (2024: £2,100,000)

The terms of certain contracts with other football clubs in respect of the transfers of players’ registrations include the receipt of certain amounts upon fulfilment of the condition of remaining in the English Championship amounts to £1,250,000 (2024: £150,000)

The terms of certain contracts with other football clubs or players in respect of the transfers of players’ registrations or in respect of the players contract include the payment of certain amounts upon fulfilment of a specific number of appearances in the future, or the occurrence of future events, which amounts to £249,000 (2024: £255,000).

The terms of certain contracts with other football clubs in respect of the transfers of players’ registrations include the receipt of certain amounts upon fulfilment of the condition of qualifying other leagues such as FIFA/EUFA amounts to £250,000 (2024: £NIL)

On the 31 October 2011, PAFC entered into an agreement for a mortgage on the stadium, due on this is an amount of £1,544,749 (2024: £1,542,745) that is payable only if PAFC are promoted to The Premier League. The provisions of this deed shall cease to be of effect after the date of the last match (including play-offs) of the 2035/2036 football season.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Following the acquisition of the Goals Soccer Centre trade and assets in a prior year, the company entered into a lease for the related land and buildings. The lease had a remaining term of 63 years at the year end date and rent is payable at £82,975 per annum.

As at 30 June 2025, the Company had entered into contractual commitments for the following future capital expenditure not provided for in the financial statements:

These commitments primarily relate to the construction of Brickfields which is expected to be completed by 2026.

Since the Balance Sheet date, various players have been signed and sold.

Plymouth Argyle Football Club has acquired a number of player registrations, extended a number of player registrations and disposed of a number of player registrations at a net loss of £139,536. These transactions will be accounted for in the year ending 30 June 2026.

Since the Balance Sheet date Greystones Park Venture LLC, a shareholder of the company, provided a loan of £13,231, as disclosed in note 27.

Since the Balance Sheet date Mr S Hallett provided loans to the company of £9,808,539, as disclosed in note 28.

During the year the group was charged £7,671 (2024: £nil) by Red Ball Energy, a company owned by Mr N Giannoti, a director of the company. No amounts are outstanding at the balance sheet date.

Since the balance sheet date Greystones Park Venture LLC, a shareholder of the company, provided a loan of £13,231. Interest accrues on the loan at 2% per annum.

During the period Mr S Hallett, a director of the company, provided a loan to the company. At the balance sheet date the company owed £2,628,961 (2024: £nil). Interest accrues on the loan at 2% per annum, payable in arrears. The loan in due for repayment in 2035. The balance is included within other borrowings.

Since the balance sheet date Mr S Hallett provided further loans to the company of £9,808,539. Interest accrues on the loan at 2% per annum, payable in arrears. The loan in due for repayment in 2035.

The ultimate controlling party is Mr S Hallett.